NEW DELHI:
The government on Wednesday said it will release the mid term review of theForeign
Trade Policy (FTP) next week. The directorate general of foreign trade in an office
order said the review will be released on December 5.
The FTP
review was earlier to be released before July 1, in line with the goods and
services tax (GST) rollout. However, it was delayed as the government planned
to factor in the exporters'' feedback on relevant issues postGST. The
five-year FTP was announced on April 1, 2015 and laid an ambitious target of
touching $900 billion of exports of goods and services by 2020. It also
provided for a review when the policy was half-way through and marked a
departure from the earlier practice of an annual supplement to the policy.
It also
aimed increasing India’s share of world exports from 2% to 3.5%. However, exports dipped for the first time in 15
months in October, falling 1.1% to $23.1 billion and are expected to fall
further in November as exporters turn away clients and new orders while they
get to grips with the new tax regime, which was rolled out on July 1. Last
month’s trade deficit widened the most in three years to $14 billion.